85th anniversary of Executive Order 6102

On April 5, 1933, FDR signed Executive Order 6102 which required Americans to turn in most of their gold bullion, with the exception of collectible gold. This executive order later took the US off the gold standard, and gold restrictions remained until year-end 1974.

This executive order also led to the rarity of several double eagle issues (including the famous 1933), the 1933 $10, and the 1929 $5.

The date is now April 5, 2018, 85 years since. These issues are still considered valuable rarities, and the 1933 double eagle is still illegal to own with the exception of the Farouk coin.

Anyway, happy 85th!

 

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Thanks!!!
Did not know that!!!!!!!!!!

 

And STILL some people think we're going to someday go back on that infernal gold standard. Not if any kind of wisdom prevails!

 

I look forward to the "1982-D Copper Small Date" standard.

 

Yea, in return you got these debt notes from the fed reserve act of 1913.
Where the elite (the queen-rothschild-warburg etc)actually charge us to print our own money.

 

Wow! Never knew that. My wedding anniversary. Fortunately my long forgotten first one, not my current one.

 

Not entirely true. It is easy enough to find the original order. One archive is the American Presidency Project of the University of California at Santa Barbara.
http://www.presidency.ucsb.edu/ws/index.php?pid=14611
WikiSource is also a huge archive of very many kinds of documents, including this one.
https://en.wikisource.org/wiki/Executive_Order_6102

Anyone could keep $100 in gold coin. Generally, considering the wage data from these tables below, that would be like $2500 today.

If gold was $32 per ounce then, and is $1340 right this moment, then the ratio would bring the dollar value amount up to $4187.

Alternately, regardless of the price of gold, the coins said "Ten Dollars" and "Twenty Dollars" so, $100 was five ounces or $6700 right now.

Of course, no amount of money in 1932 would buy a computer. So, standard of living has to be taken into account.

https://libraryguides.missouri.edu/pricesandwages/1920-1929
https://fraser.stlouisfed.org/files/docs/publications/SCB/pages/1935-1939/2829_1935-1939.pdf
https://babel.hathitrust.org/cgi/pt?id=uc1.32106007458745;view=1up;seq=181

 

No, you got silver certificates, not Federal Reserve Notes. And you can print your own money today.
https://www.traverseticker.com/news/yes-traverse-city-still-has-its-own-currency/

So m any community currencies are active that they have their own academic economics journal.
https://ijccr.net

 

You did not know that because it was repealed in 1974, over 40 years ago. It was in place for only 30 years. So, we have been longer without it than with it.

 

I didnt say fed reserve notes, read it again. I said DEBT notes... (I was throwing a fishing line out there more than anything). Most folks arent aware of whats actually right in front of them. Unfortunately our money isn't backed by silver or gold anymore it is created out of thin air > fiat currency

 

I get the point. My attraction for numismatics began with Ayn Rand. It took me a long time to get past "I just want bullion" to understanding the objective nature of numismatic value. That said, those big, beautiful Morgan Dollars were also just "debt notes." Silver cost 50 cents an ounce and was issued at $1.29.

"Gresham's Law" (so-called) predicts that people of 1890 would have been running to the banks with stacks of paper money to get bags of silver coins and then exchanging bags of silver coins for rolls of gold coins, all to hoard the hard money and spend the paper and silver as fast as they could. That did not happen. If it did, all $5 Liberties would be AU/Unc today.

In fact, about a third of all silver dollars are known in uncirculated grades because no one wanted them. They sat in bank vaults as backing for silver certificates. Silver dollars were popular in the South among poor people and were also popular in the West. But they never saw much action in the urban centers of trade of the industrial northeast and midwest.

I used to believe all that stuff about fiat currency and the Germans with wheelbarrows of paper money. Over the years, I learned that numismatics is the standard of proof in economics.

 

While an interesting read, I don't see what relevance it has to Austrian Economics.

 

Of course you don't see it. You're a captive to Austrian Economics and you don't even begin to understand its basic tenets.

 

It's kind of the point of most of her books. Economics and Objectivism.

 

My favorite author. I read Atlas Shrugged when I was younger. It DEFINITELY changed everything for me.

 

Me too! From the first instant I became familiar with Rand, my overwhelming reaction was, "What utter rubbish!"

 

Michael E. Marotta is a SHE?

 

To each his own. Funny, that's my reaction to the majority of your drivel. And that's the best word for it.

 

Not that I'm aware of. Ayn Rand was though, I thought that's who we were talking about.

 

I was talking about the quoted article.